Japan market profile

The Japanese Government is aiming to boost the domestic economy and drive consumer demand for items such as:

• niche and safe foods
• globally oriented education and training opportunities.

It is also seeking to cement trade partnerships, including outbound investment.

Japan has pledged to reduce overall greenhouse gas emissions to zero by 2050. This will require a change of mindset and a transformation of Japan’s industrial structure and economy over the medium term.

As well, managing Japan’s aging population and reduced future workforce is also a key priority for Japan’s government.

Japan is Queensland’s second-largest trading partner, second biggest goods export market, and Australia’s third largest source of direct foreign investment.

The Japan–Australia Economic Partnership Agreement (JAEPA) entered into force in January 2015. The agreement provides preferential access for Australia’s exporters and supports further growth in two-way investment.

Additionally, Australia and Japan have both signed up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which entered into force on 30 December 2018 and is delivering improved market access to Japan among other benefits.

And Australia and Japan are among the 15 Indo-Pacific countries that signed the Regional and Comprehensive Economic Partnership (RCEP) Agreement on 15 November 2020. Australia is working towards ratification of the RCEP Agreement.

Japan’s science, technology and innovation strategy makes it an attractive partner country for research and collaborative commercialisation opportunities.

Japan’s future economic growth will come from knowledge-based industries such as:

• IT
• biotechnology
• robotics
• nanotechnology
• environmental technology
• new materials
• space technology.

Japan is well poised to collaborate with Queensland on R&D and commercialisation. With an ageing population, the Japanese Government provides support to Japan’s medical research industry to meet future challenges.